One sort of short-term investment that many banks and NBFCs provide is a fixed deposit. With some restrictions, these deposits often offer a higher interest rate. Your deposit is locked for a certain amount of time, which can be anything from a week to ten years.
The amount of interest that will accrue at maturity can be calculated using an FD calculator. It is a straightforward programme that may be found on the StockGro website.
How can you benefit from an FD calculator?
It can take a lot of time and effort to determine an FD's maturity amount. It may be calculated quickly and easily using an online FD calculator.
- Calculations for FD maturity are difficult and involve many variables. With simply the push of a button, a fixed deposit calculator handles all the legwork and provides you with precise data.
- You can use it to speed up these time-consuming calculations.
- You can compare the maturity amount and interest rates of FDs offered by various financial institutions using a fixed deposit return calculator. When you have all the facts at your disposal, you can make a wise decision.
The equation to calculate the maturity amount of FDs
You can choose between two different forms of FDs: Simple interest FDs and compound interest FDs. StockGro provides calculators for both FD kinds.
The simple interest calculator for fixed deposits The following formula is used by FD:
M = P + (P x r x t/100), where -
P is the principal sum you have deposited.
r is the annual interest rate.
t is the tenure in years.
For instance, the equation reads as follows if you deposit Rs. 1,000,000 for 5 years at 10% interest:
M = Rs. 1,00,000 + (1,00,000 x 10 x 5/100) Or, Rs. 1,50,000
The FD return calculator applies the following formula for compound interest:
M = P + P (i/100 + 1) t - 1, where -
P is the principal amount
i is the rate of interest per period
t is the tenure
For instance, if you use the identical variables, compound interest will grow,
M= Rs. 1,00,000 ((1 + 10/100) 5-1) Or, Rs. 1,61,051
How do I use the FD calculator by StockGro?
Use the instructions listed below to conveniently use an FD deposit calculator.
- Make sure you have access to all the necessary information.
- Fill in the variables in the formula's designated places as instructed.
- Instantaneously visible will be the FD maturity amount.
Eligibility and documentation criteria
If you're considering our fixed deposit, here's a straightforward guide to understanding if you qualify and the essential documents you'd need to complete your investment.
Who qualifies?
- Individuals living in India
- Single-owner businesses
- Companies and partnership firms
- Hindu Joint Families
- Community groups, societies, associations, and family-based trusts
Necessary documents:
- Personal Identification Number (PAN)
- One of the following KYC documents: Aadhaar card, Passport, Driving license, or Voter ID.
How to invest in a fixed deposit?
Follow this pointers below to invest in a fixed deposit seamlessly:
- Select 'Open FD' at the page's pinnacle to access our digital application.
- Input your 10-digit mobile number and authenticate using the OTP sent to your device.
- Specify your desired investment amount, select the duration, and set the payout frequency. Provide your PAN details and birth date
- KYC Verification: Existing customers can verify or edit pre-filled details. Newcomers can complete KYC through Aadhaar.
- Thoroughly read the displayed declaration. Accept the terms after understanding. Subsequently, furnish your banking details to move to the payment stage.
- Finalize your investment via options like NetBanking, UPI, or NEFT/RTGS.
- Upon successful completion, you'll promptly receive a Fixed Deposit.
Acknowledgement (FDA) on your registered email and mobile link. An Electronic Fixed Deposit Receipt (e-FDR) will land in your inbox within three business days, given all documents are aptly provided.
Benefits of the StockGro FD Calculator in India
Utilise the FD amount calculator to determine the precise amount you will receive at the time of FD maturity.
Using these calculators has a number of additional benefits, including:
- Obtain the precise amount you will be entitled to at the conclusion of your maturity period and make future plans appropriately.
- Both of these calculators are openly available to registered users for unrestricted use.
- It's simple to compare the maturity amounts of various financial institutions.
- You may easily arrange your money with the following calculators in addition to the Fixed Deposit Calculator. You are welcome to utilise all of our services as often as you like for free.
FD Calculator FAQs
Is the FD interest calculator free to use?
What is the formula for FD Interest?
A = P(1 + r / n) ^ n * t.
Where,
Maturity Amount = A
Principal Amount = P
r = Interest Rate
t = The FD's duration
"n" stands for compound interest frequency.
What is the formula for FD maturity amount?
How many years of FD is beneficial?